The Secret Teachings of Wealth

Wealth is possible. No matter your position, it can be seen in others meaning it can be achieved if you aren’t there already. 

While there are forms of wealth that cannot be replicated by effort or knowledge, there are tons of ways to make money, save money and grow money. 

Making Money Now

Making money should be priority one. Earning income to support yourself, your family and still have something to invest is critical to ensuring you won’t retire broke. Many people rely on lump sum capital to get them through their final years, but as they battle inflation and the uncertainty of years they have left makes it an extremely stressful time. You work hard all your life to enjoy the times you don’t have to work, so let’s do it right.

There are two ways to have excess funds to invest after your earnings. The first is to earn it in the first place, the second is to spend less. Two forces which can be controlled to some extent. 

“Long Term Goals Stem from Combined Short Term Efforts”

Ways to Make Money to Invest With

Employment

Getting a job and being employed is often the concept taught in schools. It is an easy way to lock in an income per period. If you don’t have a job, often the easiest way to find something is to create a resume, print out several copies and go into businesses and talk to them. This may not land you your dream job but it will help get money coming in while you work on the next steps. 

Keep Searching

Searching for better opportunities is a great way to grow your career portfolio. 

Side Hustle

It’s never been easier to run a side hustle. With apps out there designed to give lead flow and ad hoc jobs like Uber, Upwork and Airtasker, getting a side hustle into profit territory is far easier than it was before apps like these existed. There’s of course other side hustle opportunities that could be suited to your own interests and skills. Sometimes side hustles turn into full blown businesses too. 

Learn and Develop your Skill Set

Learning a skill set and working towards mastery will be a massive help in being employable and for promoting yourself as an expert in the field. Whether it is to do with your current career path or your preferred direction in the future, developing a sturdy set of skills that match your direction will be a massive help in earning more income and creating financial stability.

Saving Money to Build the Gap

Building the gap between expenses and earnings is all about earning more and spending less. The bigger this gap becomes, the more money that can be saved and invested. 

Track Spending

To find out exactly where your money goes, it needs to be tracked. Knowing the exact amounts for each segment of spending will help determine what can be reduced or removed, leaving only necessary costs and known luxuries that you intentionally choose. Many people spend up on things and don’t realise how much is leaving their bank. 

Reduce and Remove

Bills can sometimes increase annually, and some bills are payable in advance rather than monthly, which can sometimes save 20% of the total cost. Finding new suppliers and providers can come with additional perks for switching, and current providers like phone companies sometimes create new cheaper plans which you can shift to.

Removing costs that are unneeded or less preferable than building a future of financial freedom will also be a big help to your bottom line. Consider whether you really need those new shoes before spending up big. 

Need Vs Want 

If you are really serious about hitting goals of freedom, it could be worth listing your expenses as need vs want and physically defining what you determine each column to mean. Many things people buy could be classified as a want rather than a need.

“Earn more, spend less, invest”

A Wealthy Mind is Built One Step at a Time

Wealth is all around, but for some people it seems out of reach. Wealth exists, and it is achievable, but that doesn’t mean it is easy. Now comes the important part of developing long term wealth. Earning money is generally a short term impact, with money in exchange for a good or service. Saving money is always a changing concept depending on your life stage, interests and desires, but building the gap between earning and saving means more to invest. 

Investing creates long term wealth. People don’t often get a lump sum to invest and suddenly they are wealthy. It is generally a long term process, driven by a money gap that goes to investments and is accrued periodically and consistently. 

Targeting

A famous book called “The Richest Man in Babylon” speaks of saving at least 10% of your earnings each payment cycle. Setting a target that is achievable will mean you will be less likely to falter and more able to stay consistent. Consistency can be more important than putting away more than you can handle as we will discuss soon.

Compounding Bite Size Savings

Bit by bit, savings often build up faster than expected when you are consistent with it. Just like small expenses here and there can add up and heavily increase your expenses overall, savings works the same way, but you keep it! 

Sometimes coined the 8th Wonder of the World, the power of compounding brings amazing results over time when consistently applied. Inch by inch, an aspiring wealthy person can leverage the power of compounding even starting from zero with limited resources. 

The key is to start now, regardless of the external forces at play. 

Why Does Trading Suit Compounders

Compounding savings builds up faster than many people think. Rather than forcing more than you can chew into an investment vehicle, taking it step by step and adding consistent amounts to your savings can stack up without eating into your day to day life. 

Trading offers a great form of compounding savings since a trading account acts as a bank account that can be used to trade with and slowly build up the account over time. It is also a low cost investment compared to many of the options on the market and gives access to leverage to make the most of every dollar invested. 

Rather than go for big wins, the compounder looks to generate reasonable earnings and consistent savings to build up an incredible investment vehicle over the long term. 

Start building your compounding oasis with an FXT Live Trading Account and enjoy the benefits brought on by the 8th Wonder of the World, Compounding Interest coupled with Consistency.

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